Citi Complains About Facebook Settlement

Citigroup Inc. (NYSE: C) does not feel it is being dealt fairly with in the matter of losses that arose from the Facebook Inc. (NASDAQ: FB) initial public offering. The bank believes that the settlement offer made by Nasdaq OMX Group Inc. (NASDAQ: NDAQ) is too low.

Citigroup slammed Nasdaq OMX Group's plan to compensate firms harmed by Facebook's botched market debut to the tune of $62 million, saying in a regulatory filing the exchange should be liable for hundreds of millions more, according to a letter seen by Reuters.

Since Citigroup is only one of hundreds of parties that could claim damages because of lost investment dollars, regulators will be asked to make a number of other decisions about Nasdaq's liability.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, IPOs Tagged: C, FB, NDAQ
Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.